Egypt’s National Societe General Bank (NSGB) recorded an eight percent net profit increase in the first half of 2002, reaching 75.4 million Egyptian pounds ($16 million) compared to EP 70 million during the same period last year.
The bank posted a five percent increase in interest revenues in the first six months of the year, reaching EP 300 million and a stable interest expense of EP 188 million. These figures translated into a 20 percent increase in income from fees and commissions amounting to EP 52 million, offsetting a 26 percent increase in administrative expenses reaching EP 51 million.
NSGB is considered the third largest private bank in Egypt. The bank was created by the National Bank of Egypt and Europe’s Société Générale. Since its establishment in 1978, NSGB traditionally focused on corporate banking with large clients. More recently, it decided to go into the retail business and, therefore, expanded its branch network. — (menareport.com)
© 2002 Mena Report (www.menareport.com )